Eldeco, Purvanchal Secure Prime Land Near Jewar Airport for Housing

16 Jul 2024 CW Team

In addition to the recent Noida acquisition, Eldeco has been actively expanding its footprint in other regions. The company acquired 2.7 acres for Rs 110 crore and 8.5 acres for Rs 165 crore in Gurgaon's Sector 80 through an auction by the Haryana State Industrial & Infrastructure Development Corporation (HSIIDC). Eldeco also secured a 36,000-square-meter plot in Greater Noida West, where it plans to develop 750,000 square feet of residential space with an investment of Rs 250 crore. Furthermore, Eldeco has acquired 14.5-acre and 18-acre land parcels in Sonepat for plotted and villa development.

Eldeco's ambitious expansion is supported by significant funding, having recently secured Rs 350 crore from HDFC Capital Advisors Limited. This marks the third round of funding in as many years, bringing the platform's corpus to Rs 850 crore, with expectations to generate Rs 8,000 crore from 17 projects. Previously, the platform raised Rs 150 crore in August 2021 and Rs 350 crore in September 2022, focusing on developing projects in holiday destinations and tier 2 cities.

Eldeco's planned projects span across Delhi, Gurugram, Ludhiana, Sonipat, and Goa, with Rs 500 crore already deployed in residential projects in Panipat, Sonipat, Ludhiana, Rudrapur, Rishikesh, Kasauli, Greater Noida West, and Gurugram. With a robust track record of delivering 200 projects encompassing approximately 30 million square feet of real estate development, Eldeco continues to expand its portfolio with 30 ongoing projects covering 35 million square feet in various stages of execution.

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Eldeco Infrastructure & Properties Ltd and Purvanchal Projects have made significant investments in the rapidly growing Noida region. Eldeco has acquired a 20,000 square meter land parcel near the upcoming Jewar airport through an auction by the Yamuna Expressway Industrial Development Authority (YEIDA) for Rs 96.86 crore. Purvanchal Projects, another Noida-based developer, secured a 40,000 square meter land parcel for Rs 149.47 crore. Both acquisitions are earmarked for group housing projects, with plans to construct high-rise buildings on these plots. In addition to the recent Noida acquisition, Eldeco has been actively expanding its footprint in other regions. The company acquired 2.7 acres for Rs 110 crore and 8.5 acres for Rs 165 crore in Gurgaon's Sector 80 through an auction by the Haryana State Industrial & Infrastructure Development Corporation (HSIIDC). Eldeco also secured a 36,000-square-meter plot in Greater Noida West, where it plans to develop 750,000 square feet of residential space with an investment of Rs 250 crore. Furthermore, Eldeco has acquired 14.5-acre and 18-acre land parcels in Sonepat for plotted and villa development. Eldeco's ambitious expansion is supported by significant funding, having recently secured Rs 350 crore from HDFC Capital Advisors Limited. This marks the third round of funding in as many years, bringing the platform's corpus to Rs 850 crore, with expectations to generate Rs 8,000 crore from 17 projects. Previously, the platform raised Rs 150 crore in August 2021 and Rs 350 crore in September 2022, focusing on developing projects in holiday destinations and tier 2 cities. Eldeco's planned projects span across Delhi, Gurugram, Ludhiana, Sonipat, and Goa, with Rs 500 crore already deployed in residential projects in Panipat, Sonipat, Ludhiana, Rudrapur, Rishikesh, Kasauli, Greater Noida West, and Gurugram. With a robust track record of delivering 200 projects encompassing approximately 30 million square feet of real estate development, Eldeco continues to expand its portfolio with 30 ongoing projects covering 35 million square feet in various stages of execution.

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